1 mar. 2016

China has been the primary provider of financing to the government in recent years, and while there is low transparency to these deals, it is thought that net claims are on the order of $30 billion. Many of the contracts require payment in oil, and currently Venezuela uses about one-third of its daily crude oil export to China to repay the debt. But the decline in the price of oil has dramatically increased the quantity that needs to be provided. By some estimates, full payment of the Chinese claims could consume 80 percent of the country’s daily oil export

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